Methanex (NASDAQ:MEOH) Shares Gap Up After Better-Than-Expected Earnings

Methanex Co. (NASDAQ:MEOH - Get Free Report) TSE: MX shares gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $38.97, but opened at $42.50. Methanex shares last traded at $40.64, with a volume of 193,351 shares changing hands.

The specialty chemicals company reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.77. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The business had revenue of $935.00 million for the quarter, compared to analyst estimates of $920.10 million.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MEOH shares. Piper Sandler raised their price objective on shares of Methanex from $51.00 to $68.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 10th. Raymond James dropped their price objective on shares of Methanex from $62.00 to $54.00 and set an "outperform" rating on the stock in a report on Wednesday, September 11th. Scotiabank increased their target price on shares of Methanex from $58.00 to $60.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 10th. Barclays cut Methanex from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $56.00 to $44.00 in a report on Tuesday, September 10th. Finally, UBS Group decreased their price objective on Methanex from $54.00 to $53.00 and set a "buy" rating on the stock in a report on Thursday. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.25.

Institutional Investors Weigh In On Methanex

Several hedge funds have recently bought and sold shares of MEOH. M&G Plc bought a new stake in Methanex in the 1st quarter valued at $589,459,000. Bank of Montreal Can raised its stake in shares of Methanex by 16.3% in the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company's stock valued at $55,406,000 after purchasing an additional 159,542 shares during the period. Intact Investment Management Inc. lifted its holdings in shares of Methanex by 73.2% in the second quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company's stock valued at $14,236,000 after purchasing an additional 124,600 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of Methanex during the second quarter worth about $5,971,000. Finally, Dixon Mitchell Investment Counsel Inc. grew its holdings in shares of Methanex by 9.9% during the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company's stock worth $49,022,000 after buying an additional 106,848 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Stock Performance

The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.87 and a current ratio of 1.25. The stock has a 50-day moving average of $41.08 and a 200-day moving average of $46.03. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of 19.46 and a beta of 1.36.

Methanex Company Profile

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.